FxPro: Daily Technical Analysis for May 16, 2024, Before the European Market Opens

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EUR/USD Gold Spot GBP/USD EUR/JPY EUR/GBP USD/CHF German DAX Index Futures (Eurex) Brent Crude Oil (ICE) UK FTSE 100 Index Futures

Friendly reminder: Due to market volatility, prices may have surpassed key levels, rendering strategies ineffective.

EUR/USD Intraday: Uptrend.

Pivot point:

1.0860

Trading strategy:

Above 1.0860, bullish, target price at 1.0910, then 1.0930.

Alternative strategy:

Below 1.0860, bearish, target price set at 1.0840, then 1.0820.

Technical commentary:

The RSI technical indicator shows a complex trend, tending to rise.

Gold Spot Intraday: New momentum up.

Pivot point:

2378.00

Trading strategy:

Above 2378.00, bullish, target price at 2400.00, then 2410.00.

Alternative strategy:

Below 2378.00, bearish, target price set at 2365.00, then 2354.00.

Technical commentary:

The RSI technical indicator shows a complex trend, tending to rise.

GBP/USD Intraday: Uptrend.

Pivot point:

1.2650

Trading strategy:

Above 1.2650, bullish, target price at 1.2710, then 1.2735.

Alternative strategy:

Below 1.2650, bearish, target price set at 1.2630, then 1.2610.

Technical commentary:

The RSI technical indicator shows a complex trend, tending to rise.

EUR/JPY Intraday: Bearish below 168.19.

168.19 as the pivot point.

Trading strategy:

Bearish below 168.19.

Alternative strategy:

If it breaks above 168.19, EUR/JPY targets direction at 168.83 and 169.22.

Technical commentary:

The RSI technical indicator is below the neutral area of 50. The MACD technical indicator is below its signal line. Additionally, the price is below its 20-day and 50-day moving averages (located at 168 and 168.42, respectively).

EUR/GBP Intraday: Potential for upside, target price set at 0.8600.

Pivot point set at:

0.8569

Trading strategy:

Potential for upside, target price set at 0.8600.

Alternative strategy:

If it falls below 0.8569, EUR/GBP targets direction at 0.8557 and 0.8550.

Technical commentary:

The RSI technical indicator is below the neutral area of 50. The MACD technical indicator is above its signal line. Additionally, the price is below its 20-day and 50-day moving averages (located at 0.8579 and 0.8583, respectively).

USD/CHF Intraday: Under pressure.

Pivot point:

0.9030

Trading strategy:

Below 0.9030, bearish, target price at 0.8985, then 0.8970.

Alternative strategy:

Above 0.9030, bullish, target price set at 0.9050, then 0.9070.

Technical commentary:

As long as the 0.9030 resistance level is not breached, the risk of a downward break below 0.8985 is high.

German DAX Index Futures (Eurex)‎ (M4)‎ Intraday: Bullish above 18930.00.

Pivot point:

18930.00

Trading strategy:

Above 18930.00, bullish, target price at 19045.00, then 19090.00.

Alternative strategy:

Below 18930.00, bearish, target price set at 18860.00, then 18798.00.

Technical commentary:

The RSI technical indicator shows a complex trend, tending to rise.

Brent Crude Oil (ICE)‎ (N4)‎ Intraday: Targeting 83.85.

Pivot point:

82.50

Trading strategy:

Above 82.50, bullish, target price at 83.50, then 83.85.

Alternative strategy:

Below 82.50, bearish, target price set at 82.10, then 81.60.

Technical commentary:

The RSI technical indicator is bullish, with further upside potential.

UK FTSE 100 Index Futures Intraday: Immediate short-term support around 8455.00.

Pivot point:

8455.00

Trading strategy:

Above 8455.00, bullish, target price at 8490.00, then 8504.00.

Alternative strategy:

Below 8455.00, bearish, target price set at 8440.00, then 8411.00.

Technical commentary:

The RSI technical indicator shows a complex trend, tending to rise.

Risk Warning and Disclaimer

The market carries risks, and investment should be cautious. This article does not constitute personal investment advice and has not taken into account individual users' specific investment goals, financial situations, or needs. Users should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their particular circumstances. Investing based on this is at one's own responsibility.

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